Usually known as POMIS, the post-office monthly income scheme is a Government backed savings investment. This account assures regular monthly income with a current interest rate of 7.7% per annum.
There are no tax benefits and TDS on this scheme. While computing income tax, the interest is treated as income from other sources.
The account can be opened with a minimum investment sum of Rs. 1,500. You can also close this account prematurely after paying penalty for early withdrawal or closure.Risk averse investors seeking guaranteed regular returns from savings. Those not looking for regular income.
It is an Indian Government initiative with the objective to provide a risk free scheme to conservative investors, that yields guaranteed monthly returns and helps them earn a regular income.
Invest in Direct Mutual Funds with zero commissions and no fees
[table id=23 /]
Since this scheme is provided by the Indian Government, your investments are completely risk-free. There is no protection when the rate of inflation is more than the rate offered by the post-office monthly income scheme. Hence the account earns no real returns.
The interest rate currently is 7.7% per annum. Once the investor has made his deposit, the interest (in line with G-secs of similar maturity and a spread of 0.25%) won’t change and will be notified every quarter.
An account can be opened in any head or general post-office with the following requirements:
The account holder must use a pay-in-slip and credit the initial account opening amount to his/ her account.
This scheme has no online options yet.
This Diwali, we present a portfolio that reflect both sector-specific and stock-specific opportunities. With 2…
Thank you for showing interest in taking a BTST position using our Delivery Plus product.…
Thank you for showing interest in the consultation on trading strategies!Our expert will reach out…
Even if you are a new participant in the stock market, the process of buying…
A company’s debt position can be gauged using the interest coverage ratio or ICR. This…
Muhurat Trading, a cherished tradition in the Indian stock market, takes place on Diwali, the…